The Global Financial Crisis: How Similar? How Different? How Costly?

摘要: This paper provides a brief analysis of three major questions raised in the context recent global financial crisis. First, how similar is crisis to previous episodes? We argue that featured some close similarities earlier ones, including presence credit and asset price booms fueled by rapid debt accumulation. Second, different it from show that, as much displayed with cases, also significant differences, such explosion opaque complex instruments highly integrated markets. Third, costly are recessions followed these types crises? Although latest episode took very heavy toll on real economy, we this was not surprising outcome. In particular, historical comparisons indicate associated periods deep disruptions result larger declines economic activity. discuss implications findings for sector policies future research.